The total computational power of bitcoin mining equipment has grown to the values of November last year.

Data Blockchain.com

The hash rate has now reached 50 EH / s. The growth of this indicator indicates the accession to the network of new devices for the extraction of BTC.

According to some experts, this is a positive signal for the price of cryptocurrency, as miners rely on its future growth.

Price follows hashrate and hashrate chart 9 yr bull market. #Bitcoin pic.twitter.com/Rh49V9gaJw

– Max Keizer, tweet poet. (@maxkeiser) 8 serpnya 2018 p.

“The price follows the hashrate. The schedule of the latter continues the nine-year upward movement , ”said TV presenter and former trader Max Kaiser.

However, some experts of cryptoindustry are convinced that the growth of hashrate is an ambiguous signal for the market. So, according to the technical director of start-up Casa Jameson Lopp, miners are guided by speculative interest in relation to the future price.

Hashrate follows price. Some folks believe price doesn’t track ~ spot ~ price, but rather tracks some speculative ~ future price. Miners are speculators too!

– Jameson Lopp (@lopp) 23 June 201 r.

“The Miners are also speculators!” , Said Lopp.

Thus, the veteran of the cryptoindustry hints that in the future it is the miners who can put serious pressure on the price of "digital gold". This hypothesis is supported by other experts.

Transaction volume

The volume of transactions in the Bitcoin network, which has already reached the levels of the first half of January 2018, is also growing steadily:

Data: transactionfee.info

Then, just over a year ago, the market capitalization was at a maximum, and Bitcoin was still trading well above the $ 10,000 mark.

If we compare the high current rates of blockchain activity with the price of Bitcoin, we can come to the conclusion that the cryptocurrency may be somewhat undervalued and is trading below fair value . This thesis is confirmed by the data of the indicator MVRV (Market Cap versus Realized Cap), which shows the ratio of market capitalization to realized :

Coinmetrics data

The MVRM value below 1.0 indicates that Bitcoin is undervalued. If the indicator value is above 3-4, then the asset is significantly overvalued. Now the MVRM value is at 0.77. This says that the asset is oversold and its price should soon recover.

It is worth noting that the historical minimum of the indicator was recorded in January 2015 at around 0.56. Consequently, there is room for further decline and before the start of a bull rally the price may still fall in the short term.

Lightning network

It should also be borne in mind that some of the bitcoin transactions are being carried out of, for example, in the second-tier Lightning Network (LN) network. According to 1ML , LN has more than 6,000 nodes, 24 thousand payment channels, and the network capacity exceeds 659 BTC ($ 2.4 million):

Lightning Network protocol helps to solve the problem of Bitcoin scalability, makes payments anonymous and significantly reduces the transaction costs of users.

Earlier, BlockchainJournal launched its own Lightning node and provided instructions on how to open payment channels.

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